Senior lecturer at the University of Cape Coast and Economist Dr. John Gatsi has tasked the Bank of Ghana to come out with a clear cut policy to streamline the activities of telecommunication companies in the operations of mobile money services across the country.
Speaking on radio xyz breakfast show, Dr. Gatsi indicated that Mobile Money services stand the chance of improving financial intermediation, improving the prosperity of banks and enhancing the ability of banks to foster economic activities in individual households and small scale businesses.
This laudable feat he however noted could be problematic if the Bank of Ghana does not separate of the role of Telco’s from the banks.
“Is the Mobile Money service in the hands of the banks or the Telco’s? Are the Telco’s banks or are they supposed to focus on telecommunication, use their innovative product to foster banking activities or they should take over the work of banks? Are they registered as banks or are they registered as Telecommunication Company under a different regulatory authority?” He questioned.
He further indicated that if the mobile money sector is well managed and realigned, it will serve as one of the major drivers of bank prosperity and will help in financial integration and foster economic activities in rural economies across the country.